Cattle Current Podcast—Dec. 11, 2023

Cattle Current Podcast—Dec. 11, 2023

Cattle futures rallied Friday with the oversold conditions, apparently expected data in the monthly World Agricultural Supply and Demand Estimates (see below) and chatter that the bottom might finally be etched.

Feeder Cattle futures closed an average of $4.65 higher ($4.15 to $5.07 higher).

Live Cattle futures closed an average of $2.56 higher ($1.97 to $3.35 higher).

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $3-$4 lower in the Southern Plains at $171/cwt., mostly $3-$4 lower in Nebraska at mainly $171 and $4 lower in the western Corn Belt at $169-$171. Dressed delivered prices were $4-$8 lower in Nebraska at $267-$271 and $4-$5 lower in the western Corn Belt at mostly $270.

Choice boxed beef cutout value was $1.83 lower Friday afternoon at $288.01/cwt. Select was 93¢ lower at $257.90/cwt. Week to week, Choice was down $9.45 and Select was down $7.59.

Grain and soybean futures closed lower on likely profit taking.

Corn futures closed mostly fractionally lower to 2¢ lower.

KC HRW Wheat futures closed mostly fractionally lower to 1¢ lower, except for 3¢ to 6¢ lower in the front three contracts.

Soybean futures closed 3¢ to 7¢ lower through Sep ’25 and then mostly 1¢ lower.

2023-12-10T16:04:04-06:00

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